It all started with a dream. Then you put that dream into action with a business plan, a name, and a strategy for success. If you’ve crossed your break-even point and you’re still bursting with ideas, you may be contemplating expanding your business.
Here are a few key questions to ask yourself before taking the plunge. If you decide you’re ready to expand, be sure to take advantage of small business solutions to make your company’s next move as smooth as possible.
Key Questions to Ask Before Expanding Your Small Business
Do You Have a Loyal Customer Base?
If you have a strong base of repeat customers, that’s a good sign that your business is moving in the right direction. It indicates that there’s a demand for the products or services you provide, and speaks to the quality of what you do or sell.
Has Your Business Been Profitable?
It’s not wise to expand the minute you start turning a profit because it could be a temporary surge or a seasonal upswing. However, if you’ve been profitable for a while — think around three years — it’s a sign that your business model is working and could be successful expanding within your space or elsewhere to attract a new market of customers.
Do You Have a Strong Team?
In order to expand, you have to be able to trust your team. In order to handle growth, your team of employees needs to be responsible, ready for additional work, and ready to rise to the challenge of expanding a business. If you know you have employees who are up to the task of taking charge of a new location, product line, or account, your chances of success improve.
Are Your Operational Systems in Place?
Regardless of profitability, you can’t successfully expand if you’re managing your business on the fly. You need to have documented systems for things like hiring and training employees and replicating your products or services to ensure consistent quality after expanding.
Do You Have More Business Than You Can Handle?
As long as it’s not due to a lack of effective management, having more business than you can handle is a strong indication that you may be ready to expand. If it seems like you’re working around the clock to satisfy orders or close leads, expanding and adding to the team could be just what you need.
Do You Have the Funding to Expand Your Small Business?
Capital is critical to support the success of expanding a successful business. You may need funding for new equipment, increased production, or to purchase land for additional physical space.
That’s why, at ValueOne, we specialize in small business solutions that provide entrepreneurs with financing and business products and services that help get the job done. We’ll work with you to determine which funding solution is best for your small business.
If it’s time for your business to expand, contact the experts at ValueOne or call 855 258-2571to get the resources you need to grow.